BMI View: Overall, the long-term outlook for Greece's struggling construction sector remains bleak. Whilethe country has successfully agreed a third bailout deal, economic growth will remain subdued, andsignificant structural weaknesses persist, exacerbated by ongoing political uncertainty. There istherefore little scope for public spending, and we expect private investment to be the sole source of growththroughout much of the forecast period. Key to this is the progression of highly unpopular privatisations ofmajor state-owned assets, including transport infrastructure and key utilities. Although we expect somegrowth in the value of the construction sector value over the forecast period, driven by projects such as theTrans Adriatic Pipeline, it will be more than a decade before the industry successfully regains 2013 valuelevels and even longer before pre-crash values are obtained.

Key Developments And Forecasts

- Privatisation looks set to proceed with the creation of a EUR50bn investment fund, into which thegovernment will transfer state-owned assets, which will be either sold off or managed in order to funddebt repayments and economic reform.

- In early November 2015, the European Investment Bank granted loans worth a total of EUR285mn(USD310.31mn) for energy projects in Greece.

- A new deadline of December 15 2015 was set for final bids for the Port of Piraeus, followed by aFebruary 2016 deadline for final bids for the Port of Thessaloniki.

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